Table 1 Balance Sheet for Brookstone Feed and Grain Company

31-Dec-15
(a)

Assets

(b)

Current Assets:

(c)

Cash/checking

(d)

Accounts Receivable

(e)

Inventory

(f)

Prepaid Expenses

(g)

Other

(h)

Total Current Assets

(i)

Fixed Assets:

(j)

Land

(k)

Building

600,000

(l)

Less: Accumulated
Depreciation

150,000

(m)

Equipment

(n)

Less: Accumulated
Depreciation

(o)

Total Fixed Assets

(p)

Other Assets

(q)

Total Assets

(r)

Liabilities

(s)

Current Liabilities:

(aa)

Accounts Payable

(bb)

Notes Payable

(cc)

Accrued Expenses

(dd)

Advances

(ee)

Total Current
Liabilities

1,300,000
520,000

(ff)

Long-Term
Liabilities:

(gg)

Mortgages

(hh)

Other

(ii)

Total Long-Term
Liabilities

(jj)

Total Liabilities

(kk)

Owners Equity

(ll)

Owner-invested
Capital:

(mm)

Common Stock

(nn)

Retained Earnings

(oo)

Total Owners
Equity

(pp)

Total Liabilities and

Owners Equity

stone Feed and Grain Company

ec-15

$175,000
1,600,000
2,500,000
7,000
5,000

1,150,000

10,000

800,000
1,000,000
35,000
27,000

1000000
150000

1,885,000
1,780,000
3,665,000
3,665,000

Table 2 Income Statement for Brookstone Feed and Grain Company, Y

(a) Sales:
Grain and Soybeans
$8,146,000
Seed
670,500
Fertilizer and Chemicals
2,213,000
Feed
1,810,000
Miscellaneous Supplies
402,300
Service Income
268,200
Gross Sales
Less Returns, Allowances, and Discounts
100,000
Net Sales
(b)Cost of Goods Sold:
Grain and Soybeans
7,556,900
Seed
511,650
Fertilizer and Chemicals
1,791,420
Feed
1,534,380
Miscellaneous Supplies
330,650
Service Expense
0
Total Cost of Goods Sold
(c) Gross Profit (Margin)
(d) Operating Expenses:
(e) Salaries and Benefits
210,000
(f) Full-time Wages
166,000
(g) Part-time Wages
10,400
(h) Commissions
42,740
(i) Depreciation
290,000
(j) Maintenance and Repairs
58,000
(k) Utilities
56,990
(l) Insurance
71,200
(m) Office Supplies/Expense
26,820
(n) Advertising/Promotion
6,400
(o) Gas and Oil
48,600
(p) Delivery and Freight
156,710
(q) Rent
6,300
(r) Taxes, Licenses, Fees
48,160
(s) Miscellaneous
3,300
(t) Payroll Tax
10,900
(u) Bad Debt
3,290
(v) Total Operating Expenses
(w) Net Operating Income

(x) Other Revenue

(y) Interest Expense
(z) Net Income Before Taxes
(aa) Taxes
(bb) Net Income After Taxes

18,200
230,840
59,900

d Grain Company, Year Ending December 31, 2015

Table.3 Statement of Owners Equity for Brookstone Feed and Grain

Year Ending December 31, 2015
Owners Equity,
December 31, 2014
Retained
Earnings, December
31, 2014
Net Profit After
Taxes, 2015
Dividends
Withdrawals

$1,680,000

$196,650
0
96,650

Increase
(Decrease) in
Retained Earnings
Retained
Earnings, December
31, 2015
Common Stock,
December 31, 2014

$1,885,000

+ Increases

Decreases

Increase
(Decrease) in
Common Stock
Common Stock,
December 31, 2015

Owners Equity,
December 31, 2015

$0

e Feed and Grain

$3,565,000

Table. 4 Statement of Cash Flows for Brookstone Feed and Grain Company, Year
Ending December 31, 2015

Cash Flow from Operating

Activities

Net Profit after Taxes

+ Depreciation
Increase in Accounts
Receivable
Decrease in Accounts
Payable
Decrease in Accrued
Expenses
Net Cash from Operating
Activities

$196,650
290,000
20,000
15,000
15,000

Cash Flow from Investing

Activities

Cash Proceeds from Sale of

Equipment

$10,000

Cash Purchase of Equipment

336,650

Net Cash from Investing

Activities

Cash Flow from Financing

Activities

+ Increase in Notes Payable

Decrease in Mortgages

$45,000
75,000

Net Cash from Financing

Activities

Net Change in Cash

$80,000

Beginning Cash Balance

$95,000

Ending Cash Balance